One Million Square Foot Office Complex Up For Sale in Milan

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This week the Carlton Group, Ltd. announced they had been hired by a prominent Italian property owner as the exclusive sales advisor to market the sale of Il Quinto" - a one million square foot, Class-A, credit-leased, office complex in San Donato, Milan, Italy. It is one of the largest and most architecturally distinct and eco-friendly properties in all of Italy.

Il Quinto is fully occupied and serves as the corporate headquarters of ENI Group, an investment-grade tenant, rated "A" and "A2" from Standard & Poor's and Moody's, respectively. The ENI Group is a world renowned oil & gas conglomerate that has occupied 100% of the property that the developer built exclusively for the company in 1991.

Recently, ENI Group signed a $125 billion joint venture with Rosneft, a Russian firm, to jointly explore for oil and gas in the Russian arctic.

"This is a very large asset with an excellent tenant," said Mark Gollin, a Carlton managing director, who says the complex is worth about $394 million dollars. The lease is in place through 2024 and Gollin said the firm is looking to put up additional buildings in the vicinity which has a stable vacancy rate. Other world-wide corporations with offices nearby include Puma, Canon, BMW and Honeywell.

According to Gollin, the developer now wants to sell the property for estate planning purposes.

The Carlton Group is an international real estate investment banking firm with offices throughout the United States and Europe. Founded in 1991, Carlton has consummated in excess of $85 billion in real estate capital markets transactions. Carlton provides its clients with highly sophisticated valuation techniques and strategic advice. When warranted, the firm can organize an impactful, multi-dimensional equity and debt investor access program and also provide customized disposition services for financial institutions.

The firm also specializes in providing commercial loan restructuring and recapitalization services. Carlton's expertise includes arranging passive promotable equity for individual real estate transactions and raising entity level equity capital for institutional sponsors. Carlton also executes an aggressive international advisory platform, which is currently executing well over two billion dollars of equity, debt, investment sale and loan sale advisory business throughout Europe and the Middle East.